Revenue was up 17% from a year ago, spread across all regions and industries.
Ansys (Nasdaq: ANSS) today reported first quarter 2012 revenue of $185.3 million, a quarterly record and up 17% from a year earlier. The company says growth was spread across all geographic regions and a broad array of the industries it serves.
Ansys acquired Apache Design Solutions in 2011, so results include a boost from Apache. For example, software licenses revenue grew 21% in the quarter, but organic growth (separating out Apache) was only 5%. Maintenance revenue was up 15% in the quarter (ending March 31, 2012) while organic growth was 14%.
Ansys has been working for years to convert its user base from buying licenses to being on permanent maintenance agreements. The work is paying off, as 72% of revenue is now recurring, as of 1Q2012.
Net income in the first quarter was $45.5 million, up slightly from $42.2 million in 1Q2011.
Revenue by regions:
North America grew 11% organically during Q1, 30% on a combined ANSYS/Apache basis. Ansys says results were driven by increases in customer R&D spending and the increased use of high-performance computing (HPC) in simulation.
Europe delivered combined double digit revenue growth of 11%, 14% in constant currency, 7% on an organic basis. Germany continued to produce strong results, growing 19% organically and 25% in constant currency. “Ongoing economic concerns in certain markets continued to impact the timing and composition of customer buying decisions, but overall the pipeline, renewal rates and customer engagements remained intact,” says Ansys in a prepared statement.
General International Area (GIA) grew 15% from a combined ANSYS/Apache perspective, 13% in constant currency and 7% organically. Japan, Ansys’ second largest market, continued to experience challenges associated with the strong currency and a general weakness in the consumer electronics market.
Cash per share on March 31, 2012 was $6.00, rising steadily from $5.11 three month earlier and $4.41 six months earlier. Ansys has been rebuilding its cash following last year’s Apache acquisition.
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L. Stephen Wolfe, P.E., a contributing analyst for Jon Peddie Research, provided research for this report.